College of Marin to release long-awaited audit of troubled scholarship foundation

More than six months after temporarily shutting down the College of Marin Foundation, officials will release results of an audit Monday that could shed some light on the organization's finances.

"We look forward to having the opportunity, finally, to put the findings before the public," college President David Wain Coon said.

The 49-year-old scholarship organization has been at the center of turf wars in recent years between members of its independent board and college officials, who have sought to boost their own fundraising operations.

The conflict escalated last year as the foundation board geared up for a legal battle, citing a need to protect funds from the college's prying hands. College officials said the board's suspicions were unfounded, and they accused the foundation of misspending donor funds on lawyers and other administrative expenses.

With accusations flying, numerous foundation staffers and board members departed amid internal fighting. In September 2012, the foundation's board members — some had just recently joined — resigned en masse, and Coon and a college trustee stepped in to oversee the organization.

College officials have suspended operations at the foundation for the past six months, focusing on the financial audit.

The foundation had about $3.6 million in assets as of December, including numerous separate funds earmarked for different purposes.

The financial uncertainty has raised questions about whether scholarships will be awarded this spring, but Coon has promised funds will be available.

Earlier this month the Associated Students College of Marin offered up $30,000 to ensure scholarships are awarded. The funds, which come from student activity fees, are typically used for student projects, field trips, campus events, conferences and other activities.

"We didn't know if scholarships were going to happen," said Scott Blood, a member of the group and the student representative on the college board of trustees. "We were afraid if it didn't happen one year there was a high probability that it wouldn't happen in future years."

Coon said officials have not determined whether the students' funds will be used for scholarships, and he declined to provide financial details in advance of the audit's release.

Donors said they hope the release would mark a new chapter in the foundation's history.

"I'd like to hear that they have a process for appointing a new board for the foundation and getting it so that it's respected again so that people will be willing to donate to it, because the students certainly need the financial help," said Marcia Hagen, a member of the League of Women Voters of Marin County, whose education arm has donated about $18,000 to the foundation.

 College officials will hold a public forum to release audit results and discuss the status of the College of Marin Foundation at 6 p.m. Monday in the Student Services Building cafeteria, 835 College Ave. in Kentfield.